ef}Jaiaii C?;eleti1ms ~t(). C-13, Balaji House, Dalia Industrial Estate,Opp. Laxmi Industries New Link Road, Andheri (West), - 400053. Tel.:40698000· Fax: 40698181/82/83 Website: www.balajitelefilms.com CIN No : L99999MH1994PLC082802

February 12, 2020

To,

BSE Limited National Stock Exchange of Ltd. Phiroze Jeejeebhoy Towers, "Exchange Plaza", Dalal Street, Bandra-Kurld Complex, Bandra (East), Mumbai - 400 001 Mumbai - 400 051 Stock Code: 532382 Stock Code: BALAJITELE

Sub: Outcome of Board Meeting and Intimation of Record Date for Interim Dividend

Dear Sir/Madam,

Pursuant to Regulation 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'), we would like to inform you that the Board of Directors in its Meeting held today i.e. February 12, 2020 have; 1. considered and approved the Unaudited Financial Results (both Standalone and Consolidated) under Indian Accounting Standard (IndAS) for the quarter ended December 31,2019 along with the Limited Review Report of the Auditors thereon, A copy of the Unaudited Financial Results (both Standalone and Consolidated) duly reviewed and recommended by the Audit Committee and approved by the Board of Directors along with Limited Review Report of the Auditors thereon, Quarterly Performance Report and Press Release issued in this regard is attached.

The said results are also being published in Newspaper, in the format prescribed under Regulation 47 of Listing Regulations.

The Unaudited Financial Results (both Standalone and Consolidated) will also be made available on the Company's website, www.balajitelefilms.com 2. declared interim dividend of Re. 0.40/- (Forty paise only) per Equity Share of face value of Rs. 2/- each for the financial year 2019-20.

The Record Date of February 24, 2020 has been fixed for ascertaining the eligibility of members to receive the interim dividend for financial year 2019-20, declared by the Board of Directors of the ComFany. The payment of Interim Dividend/dispatch of Dividend warrants will be completed by March 13,,2020. The Meeting of the Board of Directors commenced at 02.00 p.m. and concluded at 06.00 p.m. You are requested to take the aforementioned information on your record.

Thanking you, Yours Faithfully,

For B~:~ele7';6 ~gh~ Group Head Secretarial Membership No. A23360 Price Waterhouse Chartered Accountants LLP

Review Report

The Board of Directors Limited C-13, Balaji House Dalia Industrial Estate Opp. Laxmi Industries New Link Road, Andheri (West) Mumbai - 400 053

1. We have reviewed the Unaudited Standalone financial results of Balaji Telefilms Limited (the "Company") for the quarter and Nine Months Ended December 31, 2019 which are included in the accompanying Statement of Unaudited Standalone Financial Results for the Quarter and Nine Months Ended December 31, 2019', (the "Statement"). The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"), which has been initialled by us for identification purposes.

2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants ofIndia. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substr"ltially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, inel uding the manner in which it is to be disclosed, or that it contains any material misstatement.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016

Mehul Desai Mumbai Partner February 12, 2020 Membership Number: 103211 UDIN: 2010321lAAAACY3962

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Price Waterhouse Chartered Accountants ILP.. 252, Veer Savarkar Marg, Shivaji Park, Dadar (West) Mwnbai - 4 00 028 T: +91 (22) 66691500.•F: +91 (22) 66547804/07

RegJstared office and Head office: Sucheta Bhawan. l 1A VIshnu Oigzmlber M ..rg . New Oalhl 110002 . .. 1BIhouse Chartered Accountants LLP (a Umited lJabjllly Partnership willi LLP Identity no: LLPIN AAC-6001) :;:;.:e=7u~Bis~="~~)== ':::"=..:~ Cl\artered Aocoorrtanlll LLP, Its ICAI regfstration number Is 012754N1N500018 (ICAI reglstratioo number before converslon was 012754N) Balaji Telefilms Limited CIN-L99999MH1994PLC082802

Regd Off: C-13, Balaji House, Dalia Industrial Estate, New Link Road, Andheri (West), Mumbai 400053 Tel.: 40698000 • Fax: 406981811 82/83 Website: www.balajitelefilms.com PART I: STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31 2019 ~ in Lacs 3 months Preceding Corresponding Nine Months Previous Year Sr. ended 3 months ended months ended Particulars 3 Ended Ended No. 31-12­2019 30-09-2019 31-12-2018 31-12-2019 31-12-2018 31-03-2019 (Un-audited) (Un-audited) (Un-audited) (Un-audited) (Un-audited) (Audited) 1 Income a) Revenue from Operations 19.835.64 17,935.09 11,ISO.23 46,056.08 35,818.43 44.030.15 b) Otller Income 188.85 435.20 784.65 783.65 1,836.18 2.482.16 Total Income 20,024,49 18,370.29 11,934.88 46,839.73 37,654.61 46,512.31 2 Expenses a) Cost of Production I Accuisition and Telecast Fees 10,415.92 7,969,04 9.45805 24,526.25 28.792.82 36,705,29 b) Changes in Inventories 2,119.62 2,510.42 (825 ,03) 4,114,37 49.01 (1,963.00) c) Marketing and Disiributioo Expense 443,57 3,079.15 81.63 3,576.42 1,955.65 2,035.94 d) Employee Benefits Expense 374.01 204.77 665,48 1,063.83 1,559.33 2,271.11 e) Depreciation and amortisation expense 816.91 83286 313.49 2,482,57 979.09 1,308,79 DFinance cost 63.65 56.99 185.98 g) Other Expenses 1,032.44 1,08912 452,80 3,186.49 1,85063 3,509.14 Tota.1Expenses 15,£66,12 15,742.35 10,146.42 39,135.91 35,186.53 43,867.27 3 Profit Before Tax (1-2) 4,758,37 2,627.94 1,788.46 7,703,82 2,468.08 2,645.04 4 Tax Expense: a) Current tax 1,944,58 1,117.39 419,07 3.354,31 612,68 695,81 b) Deferred tax (126.79 (39.60) 166,90 (394.41) 60.68 (63,23) Total tax expenses 1 817.79 1 077.79 585.97 2,959.90 673.36 632,58 5 Profit After Tax (3-4) 2,940,58 1,550.15 1,202,49 4,743.92 1,794,72 2,012.46 6 Other Comprehensive Income (OCI) (illtems tIlat will not be reclassified to Profit or Loss (a) Remeasurements of post employment benefit obligations (1.45) (1.45) (1.42) (4.35) (4.27) (5.82) (ii) Income tax relating to items tIlat will not be reclassified to profit or loss 0,36 0.23 O,SO 1.09 1.49 201 Other Comprehensive Income for the period I year, net of tax (1.09 (1.22) (0.92 (3.26 (2.78 (3.81 7 Tolal Comprehensive Income for the period I year (5+6) 2,939.49 1548,93 1,201.57 4,740.66 1,791.94 2,008.65 8 Paid-up Equity Share Capital (Face Value ~ 2/- each) 2,022,61 2022,61 2,022.61 2,022.61 2,022,61 2,022.61 9 Other Equity 98,970.11 10 Earnings Per Share (EPS) Basic and Ciluted (in ~ 2.91 1.53 1.19 4.69 1.77 1.99

Notes :

The above results have been prepared in accordance with Indian Accounting Standards ('Ind AS') notified under Section 133 of tile Companies Act, 2013 and tile recognized acccunting practices and policies to the extent applicable and have been reviewed and recommended by the Aud it Committee and thereafter approved by the Board of Directors at tI1eir meetings held on February 12, 2020.

In accordance witll the Indian Accounting Standards (Ind AS 108), tile Company has disclosed segment results in its consolidated financial results.

3 The Com pany has adopted 100 AS 116 effective Apri l 01 , 2019, using the modified retrospective approach, The Company has applied the standard to its leases witll the cumulative impact recognised on the date of initial application (April 01, 2019) . Accordingly, previous period infonmatioo has not been restated , This has resulted in recognising a right-of-use asset of ~ 3,277.69 lacs and a COfresponding lease liability of ~ 3,480.63 lacs. The difference of ~ 132.03 lacs (net of deferred lax asset of ~ 70,91 lacs) has been adjusted to retained earnings as at April 01,2019, In tile statement of profit and loss for the current period, operating lease expenses wh ich were recognised as cost of production and o!herexpenses in CQfresponding periods is now recognised as depreciation expense for the right-of-use asset and finance cost for interest accrued on lease liability. The adoption of this standard did not have any significant impact on the profit for the period and earnings per share

4 The Board at its meeting held on February 12, 2020 considered and approved an in!efim dividend @20% i.e ~ 0.40 per equity share of ~ 2 each for Ihe financial year 2019--20

5 The said results of the Company are available on the websi~ of the Company atwww.balajitelefilms.com and can also be accessed an the website of BSE Ltd . at www.bseindia.com and National Stock Exchange of India at W'/IW,nseindia.com.

ByOrd ofthe Board For Bal I Telefitms Limited

Place: Mumbal Jeetendr Kapoor Date : February 12, 2020 Chai-- Price Waterhouse Chartered Accountants LLP

Review Report

The Board of Directors Balaji Telefilms Limited C-13, Balaji House Dalia Industrial Estate Opp. Laxmi Industries New Link Road, Andheri (West) Mumbai - 400 053

1. We have reviewed the Unaudited Consolidated financial results of Balaji Telefilms Limited (the "Parent"), its subsidiaries (the parent and its subsidiaries hereinafter referred to as the "Group") and associate entities (refer Note 1 on the Statement) for the quarter and Nine Months Ended December 31, 2019 which are included in the accompanying 'Statement of Unaudited Consolidated Financial Results for the Quarter and Nine Months Ended December 31, 2019, (the "Statement"). The Statement has been prepared by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"), which has been initialled by us for identification purposes.

2. This Statement, which is the responsibility of the Parent's Management and has been approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based 011 our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Infonnation Perfonned by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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Price Waterhouse Chartered A.ccowltants LLP, 252, Veer Savarkar Marg, Shivaji Park, Daden' (West) Mumbai - 400 028 T: +91 (22) 66691500, F: +91 (22) 66547804/07

~tered otlklo and Head omco: Suchela Bhawan. 1'.... Vlahnu Digambllr Marg, Now Qe!hi 110002 . Charlorad ,..,.,.,.."".nts LLP (e L'mIUId U~ Partnership WIth LLP identity no: LlP1N AAC-50(1) Price Watorhawio (0 Partnenmip Firm) COO\I8IIBd \n1O~waV;~88Chartered Acoour1tant8 LLP Its ICAI reglstralloo number Is 012754N1N500016 (ICAI registration with e1fect from July 25. 2014. P

Review Report Page 2of2

4. The Statement includes the results of the subsidiaries: ALT Digital Media Entertainment Limited, Limited, Marinating Films Private Limited, Chhayabani Balaji Entertainment Pnvate Limited and associate entities: IPB Capital Advisors LLP, Indus Balaji Education Capital Advisors LLP.

5. Based on our review conducted and procedures perfonned as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the infonnation required to be disclosed in tenns of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

6. The unaudited consolidated financial results includes the Group's share of net loss after tax of Rs. Nil and total comprehensive income of Rs. Nil for the quarter and Nine Months Ended December 31, 2019, as considered in the unaudited consolidated financial results, in respect of two associate entities, based on their interim financial information which have not been reviewed by their auditors. According to the infonnation and explanations given to us by the Management, these interim financial information are not material to the Group.

Our conclusion on the Statement is not modified in respect of the above matter.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 0127S4N/Nso0016

Mehul Desai Mumbai Paltner February 12, 2020 Membership Number: 103211 UDIN: 20103211AAAACZ3204 Balaji Telefilms Limited CI N-L99999MH 1994PLC082802 Regd Off: C-13, Balaji House, Dalia Industrial Estate, New Link Road, Andheri (West), Mumbai 400053 Tel.: 40698000. Fax: 40698181/82/83 Website· www balajitelefilms com STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2019 t In lacs 3 months Proceeding Corresponding Nine Months Previous Year Sr. ended 3 months ended 3 months ended Ended Ended Particulars No. 31-12-2019 30-09·2019 31·12·2018 31-12-2019 31-12·2018 31 -03-2019 (Un-aud~ed) (Un-aud~ed) (Un-audited) (Un-audited) (Un-audited) (Audited) 1 Income a) Revenue from Operations 18,789.41 18,745.74 9,633.43 46,587.58 33,884.77 42,770.87 b) Other Income 278.91 517.28 896.70 1.019.59 2,333.63 3.176.67 Total Income 19068.32 19,263.02 10,530.13 47607.17 36,218.40 45,947.54 2 Expenses a) Cost of Production / Acquisition and Telecast Fees 9,506.96 9,276.39 9,594.99 27,352.61 30,861.24 40,044.69 b) Changes In Inventories 2,119.62 2,510.42 (825.03) 4,114.37 (444.61) (2,447.28) c) Marketing and Distribution Expense 675.71 3,721.72 1,073.82 5,554.51 3,477.76 4,312.16 d) Employee Benefits Expense 937.23 653.21) 1,424.53 2,788.05 3,634.28 4,956.52 e) Finance Costs 70.10 64.62 0.69 200.69 3.09 2.22 f) Depreciation and amortisation expense 958.59 976.17 440.50 2,916.78 1,349.97 1,806.39 g) Other Expenses 1,602.02 2,055.81 982.75 5,625.86 3,632.57 6,415.69 Total Expenses 15,870.23 19,258.39 12,692.25 48,558.87 42514.30 55 090.39 3 Profit / (loss) before share of net (lossUprofl! of associates and tax (1-2) 3,198.09 4.63 (2,162.12) (951.70) (6,295.90) (9,142.85) 4 Share of Profit/floss) of associates 5 Profit I (lo51i) Before Tax (3-4) 3,198.09 4.63 l2,162.12 (951.70) 6,295.90 (9,142.85 6 Tax Expenses: a) Current tax 1,944.58 1,117.39 402 .22 3,354.31 621.69 695.81 b) Deferred tax (126.79) (39.60\ 186.90 (394.41 60 .68 (63.23 Total tax expen ses 1,817.79 1,077.79 569.12 2,959.90 682.37 632.58 7 Profit I (loss) after tax (5-6) 1,380,30 (1,073,16) (2,731.24) (3,911.60) (6,978.27) (9,775.43) 8 Other Comprehensive Income (OCI) (i) Items that will not be reclassified to Profit or loss (a) Remeasurements of post employment benefit obii!lations (1.45) (1.45) (3.05) (4.35) (9.15) 27.59 (fl) Income tax relating to items that will not be reclassirled to prom cr loss 036 0.23 0.50 1.09 1.49 2.01 Other Comprehensive Income for the period I year, net of tax (1.09 (1.22) (2.55 (3.26 (7.66 29.60 9 Totat Comprehensive Income for the period I year (7+8) 1,379.21 (1,074.38) (2,733.79 (3,914,86 (6,985.93 (9,745.83 Profit I (loss) for the period attributable to: -Owners of the Company 1,391.00 (1 ,071.10) (2,729. 41) (3,889.68) (6,950.88) (9,735.33) -Non-controlling Interest (10.70 (2.06) (1.83) (21.94) (27.39) (40.10) 1,380.30 (1,073.16) (2,731.24) (3,911.60) (6,978.27) (9,775.43) Other Comprehensive Income for the period I year attributable to : -Owners of the Company (1.09) (1.22) (2.55) (3.21)) (7.66) 29.60 -Non-eontrolling interest Total Comprehensive Income for the period I year attributable to: -Owners of the Company 1,389.91 (1 ,07232) (2,731.96) (3,892.92) (6,958.54) (9,705.73) -Non-controllln(linterest (10.70 (2.06) (1 .83 (21.94 (27.39) (40.10 1,379.21 (1,074.38 (2,733.79 (3,914.86 (6,985.93 (9,745.83 10 Pa:d-up Equity Share Capital (Face Value ~ 2;- each) 2,022.61 2.022.61 2.022.61 2,022.61 2,022 .61 2.022.61 11 Other Equtty 74,222.30 12 Earning I (Loss) Per Share (EPS) Bask: and Diluted attributable to cwners of the Company (In ~) 1.38 (1.06 (2.70) (3.85) (6 .87) (9.63)

~' :t IK'f-FI Use Chartered Ac ~ '1~f() \9<: , ,,~o cQ - (;;;.'?I \..\.PIN Me - $00, ~.,£! 3t ~ ~ ~~ $ ~N ,10 G:' i?

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED ~ln Lacs months Nine Months Previous Yea r Sr. 3 Preceedlng Corresponding Particulars Ended Ended No. ended 3 months ended 3 months ended 31012·2019 :ro-09·2019 31·12·2018 31 ·12·2019 31·12·2018 31-03·2019 (un · au~ lt ed) (Un·au~ lt ed) (Un·audlted) (Un·audlted) (Un·audlted) (AUdited) 1 Segment Reve nue a) Commissioned Programs 13,309.92 8.428.88 10,379. 05 31,056.20 26 ,221.96 34,401.83 b) Films 7, 138.32 9,388.85 792.83 16,693.95 10,129.99 10,227.19 c) Digital 2,313.61 2,010. 67 804.63 5,557.05 2,811.16 4,187.11 Total 22,761.85 19,828.40 11,976.51 53,307.20 39,163.11 48,816.13 Less: Inter Segment Revenue 13.97244) (1,002.66 (2,343.0S 16,719.62 (5.278.34) (6 ,045.26\ Total Revenue from Operations 18,789.41 18,745.74 9,633.43 46,587.58 33,884.77 42 ,770.87 2 Segment Results Profi U(Loss) Before Tax and Interest from each Segment a) Commissioned Programs 2,794.43 2.588.78 1,789.28 6,350.49 2,882.31 4.908.62 b) Films 3,350.44 1,624 .63 47.33 4,965.10 951 .13 826.24 c) Digital 11 ,226.55 (2 .871 .49\ (3,295.28\ 17.780.98 (8.279.62 (12,080.66) Total 4,918.32 1,341 .92 (1,458.67) 3,534.61 (4,446.18) (6,345.80) Less: (i) Other Unallocable Expenses 1,999. 14 1.854.57 2,267.20 5,505.90 4,183.35 5.973.72 (Ii) Unallocable Income (278.91 ) (517.28) (1 ,56375) (1,019.59) (2.333.63) (3.176.67) (iii) Share of Proft I (Loss) of associates Profitl(Loss) before tax 3,1 98.09 4.63 (2,162.12) (951 .70) (6,295.90) (9 ,142.85)

3 Segment Assets a) Commissioned Programs 20,648.98 19,700.70 17,567.04 20.648.98 17,567.04 14,777.29 b) Films 12.188.33 9,323.44 10.066.29 12,188.33 10. 066.29 11 ,143.61 c) Dig ital 37,731.31 38,164.47 30,470.31 37,731.31 30,470.31 27,621 .91 ToI9l Segment Assets 70,568.62 67 ,188.61 58,103.64 70,568.62 58,103.64 53,542.81 d) Unallocable Assets 20,679.00 21 .768.39 35,364.68 20.679.00 35,364.68 34.505.41 Total 91 ,247.62 88,957.00 93,468.32 91 ,247.62 93,468.32 88,048.22

4 Segment Liabil~ i es a) Commissioned Programs 12,493.43 13,231 .30 9,379.43 12.493.43 9,379.43 6,774.29 b) Films 1,766.09 250.62 558.94 1,766.09 558.94 1,512.00 c) Digital ~ , 634 . S 2 4,466.59 2.910.17 4.634.S2 2.91 0. 17 2.938.11 Total Segment Liabilities 18,894.34 17,948.51 12,848.54 18,894.34 12,848.54 11,222.40 d) UnallOcable Liabilities 996.94 941 .50 2,034.56 996.94 2,034.56 682.89 Total 19891.28 18,890.01 14,883.10 19,891.28 14,883.1 0 11 ,905.29

5 Capital employed a) Commissioned Programs 8.155.55 6,469.40 8,187.61 8,155 .55 8,187.61 8,003.00 b) Films 10,422.24 9,072.82 9,507.35 10,422.24 9,507.35 9,631.61 c) Digital 33,096.49 33,697.88 27 ,560.14 33.096.49 27,560. 14 24 ,685.80 d) Unallocable AsselS less LiabHitles 19.68206 20,826.89 33.330. 12 19,682.06 33,330.1 2 33.822.52 Total 71,356.34 70,066.99 78,585.22 71 ,356.34 78,585.22 76,142.93

Notes :

Financial results of 1he subsidiary companies. Balajl Matron Pictures Limited, C hhaya~anl Ba!aji Entertainment Pnvate Li mned , Marinating Fi!ms Private Lim ited, ALT Digital Media Entertain ment Ll m ~ed (together referred as 'the Group') and share of the associale entltles, IPS Capital AdvIsOrs LLP and Indus SalaJI EdlSCation Capital Advisors LL P have been consOOdated with those of Balajl Telefilms Limited (,the Company/'

The above results have been prepared In accord ance wilh Indian AccOUl\~ng Standaros ('Ind AS') notified under Section 133 of lhe COmpanies Acl, 2013 and the recog niZed accoun~ng praclices and policies to the extent applicable and have been rev'.ewed and recommended by lhe Audll Committee and lhereafter approved by !he Board of Directors al!heir mee 'r,gs held en February 12, 2020.

The Group has ad opted Ind AS 11 6 effective April 01, 2019. using the modified retrospective approach. The Group has applied the stand ard to Its leases wah the cu m uia~ve Impacl recognised on the date of Inillal

Tre Board at its meeting held on February 12. 2020 considered a011 approved an Interim divldend @ 20~; I. e ~ 0.40 pe r equity sMre of ~ 2 each for the finantlal year 2019-20 Tre said results of the Company are avaUable on the websrteof the Company at www.baIaji:etefilms.com and may a:SO be accessed on tile weIl6Ite of BSE Ltd. at www.bse!ndla.com and National Stock Exchange of India at www .nsei ndla.com.

By Or ofthe Board For Bal '1Telefilms Limited ~~~

Place : Mumbal Date : Febru ary 12, 2020 Quarterly Performance Update

Q3 FY20 and Nine months ended 31st December 2019 Balaji Telefilms – Strong Profitable Growth

Standalone Business In Rs Cr Q3 FY20 Q3 FY19 Growth Q2 FY20 Growth 9M FY20 9M FY19 Growth 198.4 111.5 78% 179.4 11% 460.6 358.2 29% Revenues 73 25.2 190% 74.6 -2% 174.2 69.8 150% Gross Margin 37% 23% 61% 42% -12% 38% 19% 100% Gross Margin % 54.5 13.2 313% 30.9 76% 95.9 16.1 496% EBITDA 27% 12% 125% 17% 59% 21% 4% 425% EBITDA Margin % 47.6 17.9 166% 26.3 81% 77 24.7 212% Profit Before Tax 29.4 12 145% 15.5 90% 47.4 17.9 165% Profit After Tax • BTL Standalone business had a very strong performance driven by increase in – Number of hours of TV production and production of content for ALTBalaji / Zee5 – Release of Dream Girl in the movies business • Expansion in EBITDA reflective of strong operational cost controls. Standalone Business Q3 PAT at Rs 29.4cr and 9M PAT at Rs 47.4cr , growth of 145% and 165% respectively • ALTBalaji had strong revenue growth, slow down in expenses on track for quarterly break even – Q3 EBITDA loss at Rs 16cr vs Rs 68cr in H1 • On a consolidated basis – Revenue at Rs 187cr, EBITDA at Rs 39cr and PAT at Rs 13.8 cr • Mutual fund investments as on 31st December 2019 was at Rs 175cr, cash and cash equivalents at Rs 14.5cr. • Board has declared an interim dividend of 20% or Rs 0.40 per share

2 Business Updates : Strong performance across the business

TV – Balaji Telefilms produced shows contribute 15% of Prime Time Rating1 • Balaji Telefilms is the #1 TV production house by a wide margin. Production house ranked #2 and #3 have 8% and 5% market share. For the calendar year Balaji Telefilms had 15.5% share of the ratings and was #1 by a far margin • 219 hours of content produced in the quarter at an average realization of Rs 0.37cr / hour • 9 shows on air during the quarter • 2 new shows launched during the quarter, while 2 shows came to an end • Yeh Hai Chahatein, spin off show based on the hugely popular launched • Naagin Season 4 launched, replacing Kaavach 2, solidifying the franchise for weekend fiction shows

Movies - Dream Girl, produced by Balaji Telefilms performed exceedingly well at the Box Office • Dream Girl had a phenomenal run at the box office and grossed over Rs 140cr, reflecting in strong financial performance for Balaji Telefilms • 3 new project announced taking total pipeline for FY21 to 4 movies - Dolly Kitty Aur Woh Chamakte Sitare, Villain 2, KTina and • Remain conservative with the investments in movies, and continue to do co production deals where possible

Digital - ALTBalaji’s continues to create original exclusive content that drives mass consumption • Total library of original shows available on ALTBalaji currently at 57, one of the largest in the country • Includes 6 shows running into multiple seasons • User profile – Males 75:Female 25 and 75% of user base between ages of 18 and 35 • ALTBalaji continues to remain in the Top 5 paid apps in the country, active direct subscribers over 1.5m • Watch time per subscriber continues to remain at hour mark, despite constant growth user base

Source: 1. BARC for Q3 FY20 3 Balaji Telefilms has one of the strongest line up of daily television

Lineup of TV shows during the quarter

Broadcaster Show Name Time Schedule

Naagin 4 20.00 – 21.00 Saturday to Sunday

Bepanha Pyaar 22.00 – 22.30 Monday to Friday

Ye Hai Mohabbatein 22.30 - 23.00 Monday to Friday

Ye Hai Chahatein 22.30 - 23.00 Monday to Friday

Kasautii Zindagii Kay 20.00 – 20.30 Monday to Friday

Kumkum Bhagya (Zee) 21.00 - 21.30 Monday to Friday

Kundali Bhagya (Zee) 21.30 - 22.00 Monday to Friday

Haiwaan (Zee) 19:00-20:00 Saturday to Sunday

Kavach Season 2 21.00 - 22.00 Saturday to Sunday

• Naagin 4 on Colors & Yeh Hai Chahatein launched in December • Yeh Hai Mohabbatein - last episode on 18 December 2019 after a successful run over 6 years • Kavach Mahashivratri ended in the quarter 4 ALTBalaji revenue and consumer adoption continue to grow

• ALTBalaji remains one of the Top 5 paid Apps in App Annie Rankings (Gross Billing) the country Rank Q3 FY20 Q2 FY20 Q1 FY20 Q4 FY19 Q3 FY19 • Q3 FY20 revenue at Rs 23.1 cr, 9M FY20 revenue at Rs 55.7 cr against full year FY19 at Rs 41.8 cr 1 Netflix Netflix Netflix Netflix Netflix

• No change in consumer pricing - ALTBalaji pricing 2 Hotstar Hotstar Hotstar Hotstar Hotstar Rs 300 a year / Rs 100 a quarter 3 ZEE5 ZEE5 ZEE5 ALTBalaji ALTBalaji • High engagement with subscribers watching nearly one hour a day 4 ALTBalaji ALTBalaji ALTBalaji ZEE5 ZEE5

• Direct to consumer billing continues to grow as 5 Sony LIV Sony LIV Sun NXT Sony LIV Sony LIV ALTBalaji has pivoted from multi partner (free to Source: 1. App Annie – Based on Gross Revenue across Ios and Google customer) to single partner (behind paywall) environment

• 14 shows have been co-produced till date with Zee5 and available only on ALTBalaji and Zee5 platform, 43 shows produced prior to September 2019 available exclusively on ALTBalaji taking total library of shows to 57

5 Continue to add new shows and new seasons of hit shows

Total library of original shows at 57

6 ALTBalaji wins awards for outstanding content and innovative marketing

Best Content Marketing Best Digital Marketing Campaign India PR Awards Best Direction in a Web Campaign Campaign in the Arts, Entertainment Series & Media Category

Best Story in a Web Most Popular Supporting Best Mobile Social Media Series Actress in a Web Series Campaign 7 Movies – Entertaining and commercially successful

• 3 movies released in current financial year and 1. Bhushan Kumar join 2. hands to produce the 3. Dream Girl sequel to the 2014 movie Ek Villan • Continue to focus on pre-sales and co-production of its future slate

• Slate for FY21 includes 4 movies 1. Dolly Kitty Aur Woh Chamakte Sitare (Staring Konkona Sen Sharma and Bhumi Pednekar) 2. Pagglait (staring Sanya Malhotra) 3. 2 (staring John Abraham and Aditya Roy Kapur) 4. K Tina (staring Disha Patani)

8 Financials TV Business KPIs

Full QoQ YoY Particulars (In Rs Cr) Dec-19 Sep-19 Jun-19 Mar-19 Dec-18 Year change change FY19

Programming Hours 4.0% 10.1% 219 210.5 195.5 200.5 199 763

Revenue 8.4% 3.4% 81.96 75.6 69.6 73.6 79.3 287.3

Realisation / Hour 2.8% (7.5%) 0.37 0.36 0.36 0.37 0.40 0.38

Gross Margin 19.5% 36.5% 28.8 24.1 21.1 21.9 21.1 60.3

Gross Margin / Hour 19.6% 19.6% 0.13 0.11 0.11 0.11 0.11 0.08

Gross Margin % 10.2% 28.8% 35.1% 31.9% 30.3% 29.7% 27.3% 21.0%

Note : Only includes commissioned programs for Television broadcaster

• Improvement in programming hours – new show launched toward end of quarter

• Gross margins continue to remain strong driven by better operating efficiencies and overall cost control including new shows

10 BTL Standalone Financial Performance (TV + Movie Production)

In Rs Cr Q3 FY20 Q2 FY20 Q3 FY19 9M FY20 9M FY19 FY19

Total Income from operations 198.4 179.4 111.5 460.6 358.2 440.3

Cost of Production 125.4 104.8 86.3 286.4 288.4 347.4

Gross Margin 73.0 74.6 25.2 174.2 69.8 92.9

Gross Margin % 37% 42% 23% 38% 19% 21%

Marketing and Distribution 4.4 30.8 0.8 35.8 19.6 20.4

Employee Benefits Expense 3.7 2.0 6.7 10.6 15.6 22.7

Other Expenses 10.3 10.9 4.5 31.9 18.5 35.1

EBITDA 54.5 30.9 13.2 95.9 16.1 14.7

EBITDA Margin % 27% 17% 12% 21% 4% 3%

Finance Cost 0.6 0.6 1.9

Depreciation and amortisation 8.2 8.3 3.1 24.8 9.8 13.1

Other Income 1.9 4.4 7.8 7.8 18.4 24.8

Profit Before Tax 47.6 26.3 17.9 77.0 24.7 26.5

Tax Expenses 18.2 10.8 5.9 29.6 6.7 6.3

Net Profit After Tax 29.4 15.5 12.0 47.4 17.9 20.1

Note : numbers may not add up due to rounding 11 BTL Consolidated Financial Performance

In Rs Cr Q3 FY20 Q2 FY20 Q3 FY19 9M FY20 9M FY19 FY19

Total Income from operations 187.9 187.5 96.3 465.9 338.8 427.7

Cost of Production 116.3 117.9 87.7 314.7 304.2 376.0

Gross Margin 71.6 69.6 8.6 151.2 34.7 51.7

Gross Margin % 38% 37% 9% 32% 10% 12%

Marketing and Distribution 6.8 37.2 10.7 55.5 34.8 43.1

Employee Benefits Expense 9.4 6.5 14.2 27.9 36.3 49.6

Other Expenses 16.0 20.6 9.8 56.3 36.3 64.2

EBITDA 39.5 5.3 -26.2 11.5 -72.8 -105.1

EBITDA Margin % 21% 3% -27% 2% -21% -25%

Finance Cost 0.7 0.6 0.0 2.1 0.0 0.0

Depreciation and amortisation 9.6 9.8 4.4 29.2 13.5 18.1

Other Income 2.8 5.2 9.0 10.2 23.3 31.8

Profit Before Tax 32.0 0.0 -21.6 -9.5 -63.0 -91.4

Tax Expenses 18.2 10.8 5.7 29.6 6.8 6.3

Net Profit After Tax 13.8 -10.7 -27.3 -39.1 -69.8 -97.8

Note : numbers may not add up due to rounding 12 Legal Entity Wise Performance : Q3 FY20

BTL (TV + Movie BMPL (Movie Particulars (In Rs cr) ALTBalaji MFPL CBEPL Elimination Consol Production) Distribution) Net Sales / Income from Operations 194.78 1.89 23.14 -0.96 31.12 187.73

Other Operating Income 3.57 3.41 0.16

Total Income 198.36 1.89 23.14 -0.96 34.53 187.89

Cost of Production 125.36 24.35 -0.74 -32.72 116.27

Marketing and Distribution Expenses 4.44 4.21 -1.89 6.76

Staff Cost 3.74 0.81 2.62 2.20 9.37

Other Expenditure 10.32 0.08 7.54 0.09 0.18 -2.20 16.02

EBITDA 54.50 1.00 -15.59 -0.31 -0.20 -0.08 39.48

Finance Cost 0.64 0.11 0.14 0.01 -0.21 0.70

Depreciation 8.17 1.42 9.59

Total Expenditure 152.66 1.01 40.28 -0.65 0.21 -34.81 158.70

Profit / (Loss) from Operation Before Other Income 45.70 0.88 -17.15 -0.31 -0.21 -0.28 29.19

Other Income 1.89 1.07 0.03 0.20 2.79

Profit / (Loss) from Ordinary Activities Before Tax 47.58 0.88 -16.08 -0.28 -0.21 -0.08 31.98

Tax Expenses 18.18 18.18

Net Profit / (Loss) from continuing operations 29.41 0.88 -16.08 -0.28 -0.21 -0.08 13.80 Note : numbers may not add up due to rounding 13 Legal Entity Wise Performance : 9M FY20

BTL (TV + Movie BMPL (Movie Particulars (In Rs cr) ALTBalaji MFPL CBEPL Elimination Consol Production) Distribution) Net Sales / Income from Operations 451.41 5.91 55.57 11.03 58.59 465.33

Other Operating Income 9.15 8.61 0.54

Total Income 460.56 5.91 55.57 11.03 67.20 465.88

Cost of Production 286.41 78.10 11.07 0.13 -61.03 314.67

Marketing and Distribution Expenses 35.76 25.61 0.09 -5.91 55.55

Staff Cost 10.64 3.46 8.01 5.77 27.88

Other Expenditure 31.86 0.28 28.39 1.29 0.20 -5.77 56.26

EBITDA 95.89 2.17 -84.54 -1.42 -0.32 -0.25 11.52

Finance Cost 1.86 0.26 0.46 0.04 -0.55 2.07

Depreciation 24.83 4.27 0.07 29.17

Total Expenditure 391.36 4.00 144.84 12.45 0.44 -67.49 485.59

Profit / (Loss) from Operation Before Other Income 69.20 1.91 -89.27 -1.42 -0.44 -0.29 -19.71

Other Income 7.84 2.83 0.06 0.53 10.20

Profit / (Loss) from Ordinary Activities Before Tax 77.04 1.91 -86.44 -1.36 -0.44 -0.23 -9.52

Tax Expenses 29.60 29.60

Net Profit / (Loss) from continuing operations 47.44 1.91 -86.44 -1.36 -0.44 -0.23 -39.12

Note : numbers may not add up due to rounding 14 Notes And Policies

Accounting Policies for Amortization on Inventory

Movies  Items of inventory are carried at lower of cost and net realisable value. Cost is determined on the following basis:  Films: Actual Cost  Unamortised cost of films: The cost of films is amortised in the ratio of current revenue to the expected total revenue. At the end of each accounting period, balance unamortised cost is compared with the net expected revenue. If the net expected revenue is less than unamortised cost, the same is written down to the net expected revenue

 Marketing and distribution expenses are charged to revenue in the period in which they are incurred and are not inventorised

Digital  Original content amortised over 3 years, 65% of the cost in the first year and 25% in the second year and 10% in third year

 Acquired content is amortised over license period 15 Thank You

Balaji Telefilms Limited CIN : L99999MH1994PLC082802 http://www.balajitelefilms.com

Sanjay Dwivedi – Group CFO Simmi Singh Bisht - Group Head – Secretarial

Tel: +91 22 4069 8000 [email protected] [email protected]

Balaji Telefilms Limited C-13, Balaji House, Dalia Industrial Estate, Opp. Laxmi Industries, New Link Road, Andheri (West), Mumbai 400 053 Tel: 40698000 Fax: 40698181/82/83 Website: www.balajitelefilms.com CIN: L99999MH1994PLC082802

Balaji Telefilms Delivers Significant Revenue & Profitability, records highest quarterly profit since 2008

February 12, 2020: Balaji Telefilms Limited, India’s leading media and content powerhouse, today announced its financial results for the third quarter and nine months ended on 31st December 2019.

Balaji Telefilms TV content production business continues to dominate the ratings and accounts for 15% of the Primetime ratings and #1 ranked production house for the year. Balaji Telefilms had 9 shows on air across 4 channels during the quarter, resulting in 219 hours of programming.

Dream Girl, a movie produced by Balaji Telefilms performed exceedingly well ensuring a strong profitable performance in the movie business. Strong line up of movies for the next year being developed.

ALTBalaji continues to be a leader in the original SVOD space, the platform today has 57 shows. The content alliance with Zee5 has been live for over a quarter and the shows are doing well on both platforms. The alliance allows ALTBalaji to minimize cash burn while developing a profitable and scalable, direct-to-consumer business. ALTBalaji continues to witness strong revenue growth and nearing profitability on standalone basis

Mrs. , Managing Director, Balaji Telefilms Limited said, “This quarter has been one of our best profitable quarter and we continue to focus on creating good content. We will continue to focus on growing the business profitably, investing in high quality content and utilising our existing cash reserves to create profitable growth, as we have been doing.”

OPERATIONAL HIGHLIGHTS

 TV Business contributes to 15% of Prime-Time Ratings and Balaji Telefilms is the number 1 production house by a wide margin. 9 shows running through the quarter with 2 new launches in the quarter  Current slate of 4 movies for the coming year, continue to focus on co production and presales  ALTBalaji move into a single partner behind the paywall ecosystem vs a multi partner free to consumer ecosystem has resulted in strong growth in direct consumer. Active subscriber base at over 1.6m

FINANCIAL PERFORMANCE HIGHLIGHTS

 BTL Standalone business had a very strong performance driven by increase in number of hours of TV production and production of content for ALTBalaji / Zee5 and the successful release of the movie Dream Girl.  Expansion in EBITDA reflective of strong operational cost controls. Standalone Business Q3 PAT at Rs 29.4cr and 9M PAT at Rs 47.4cr, growth of 145% and 165% respectively  ALTBalaji had strong revenue growth and on track for quarterly break even, Q3 Consolidated revenue at Rs 187cr, EBITDA at Rs 39cr and PAT at Rs 13.8 cr. Q3 profitability despite continued investments in ALTBalaji  Mutual fund investments as on 31st December 2019 was at Rs 175cr, cash and cash equivalents at Rs 14.5cr.  Board has declared an interim dividend of 20% or Rs 0.40 per share

About Balaji Telefilms Limited:

Balaji Telefilms is India’s leading integrated media conglomerate operating across television, movie and digital content production. The Company, under the stewardship of Mrs. Shobha Kapoor and Ms.Ekta Kapoor, enjoys market leadership in the television content industry for over two decades with an exemplary track record for content creation across genres and target groups.

Balaji Telefilms is a household name which has produced some of the best television serials in the country including the famous K Series of daily soaps such as Kyunki Saas Bhi Kabhi Bahu Thi and Kahaani Ghar Ghar Ki. More recently it has created an extremely successful mystical fantasy series of Naagin 1, Naagin 2 and Naagin 3, paving the way for weekend fiction based programming.

Over the years the company through its movies business has also demonstrated success in pioneering the production of a differentiated cinematic content across different genres. Balaji Motion Pictures has been involved in creating a number of commercial as well as critically acclaimed movies such as , LSD, Once Upon a Time, Ek Villain, Udtaa Punjab and most recently .

Balaji Telefilms Ltd’s foray into original shows on digital platforms, ALT Digital Media Entertainment Limited is a wholly owned subsidiary of the production house. Serving as a multi-device subscription Video on Demand (SVOD) Platform, ALTBalaji’s offerings include premium, disruptive content and original series across genres, that audiences can watch at their convenience. With originality, courage and relentlessness at its core, ALTBalaji’s content stands out for being non-conformist and inclusive. ALTBalaji is here to set new standards and benchmarks in giving digitally-first audiences an alternate content platform.

For further queries please contact: Jainam Vora [email protected] | +91 98195 10951

Mayank Sen [email protected] | +91 98679 74055